Geelong Advertiser

Land sales on an upcurve

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AN improvemen­t in land sales in the three months to June 30 suggest Australia’s housing sector could be on the path to recovery.

A residentia­l land report from the Housing Industry of Australia and RP Data showed a rise of 23.3 per cent in land sales in the June quarter, and a rise of 29.7 per cent from the same period last year.

HIA chief economist Harley Dale said, short term factors aside, it was a positive sign for the housing sector.

‘‘Land sales did rise in all six state capitals and in a majority of regional areas, and that is an encouragin­g result,’’ he said.

He said government needed to act to ensure the sector continued to improve, as further rate cuts from the Reserve Bank of Australia would not be enough.

RP Data research director Tim Lawless said consumer sentiment towards housing appeared to be improving.

Land sales rose 51 per cent in NSW and 47 per cent in Victoria in the period, accounting for the bulk of the increase.

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